Hungary Allows Renewal of EU Sanctions Against Russia by Dropping Veto Threat
Hungary dropped its veto threat, allowing the European Union to extend its sanctions against Russia for another six months. This move from Budapest ended a brief political crisis that had been straining relations with Brussels. This development was achieved by introducing a phrase about the “integrity of energy infrastructure” to address Budapest’s concerns during the […]
A first from the European Union: Russia sanctions against European citizen
The European Union imposed sanctions on Nils Trost, a Dutch oil trader residing in Switzerland, for violating the price ceiling on oil exports. Trost is reportedly involved in violating the $60 per barrel price ceiling imposed by Western countries. Swiss authorities are also investigating Trost’s company Paramount Energy & Commodities SA. According to a statement […]
US grants Turkey exemption from Gazprombank sanctions
Minister of Energy and Natural Resources of Turkey, Alparslan Bayraktar stated that the US granted Turkey an exemption from the Gazprombank sanction. After talks between the Ministry of Energy and Natural Resources and the Ministry of Foreign Affairs with US officials, Minister Bayraktar announced that Turkey can continue to make natural gas debt payments through […]
Trump may target Iraq’s oil sector to counter Iranian influence
US President-elect Donald Trump’s planned maximum sanctions against Iran could extend to neighbouring Iraq, targeting OPEC’s second largest crude oil producer and a known hotbed of oil smuggling, according to three sources familiar with the talks. According to S&P Global Commodity Insights, the imposition of secondary sanctions on Baghdad, similar to the US sanctions on […]
US to Sanction One of Russia’s Largest Banks
Gazprombank, the last of Russia’s major state-owned banks, which maintains access to SWIFT and settlements in major world currencies, will be subject to new US sanctions. US President Joe Biden’s administration is considering the possibility of designating Gazprombank (GPB), Russia’s third largest bank by assets, which serves as a centre for gas deals with Europe. […]